President Lee Jae-myung's Approval Rating Falls Amid Economic and Livelihood Concerns

President Lee Jae-myung's Approval Rating Declines, Hampered by Economic and Livelihood Issues

President Lee Jae-myung's approval rating for his state management has hit a post-inauguration low, settling in the mid-40s. The rating fell by nearly 10 percentage points from two weeks prior to 44.8%, with public concern over economic and livelihood issues identified as the primary reason for the decline. Negative assessments also surpassed 40% for the first time. This outcome suggests the government's various policy announcements, including the presentation of summit outcomes and the preview of real estate tax reforms, failed to resonate with public sentiment. Some surveys indicate President Lee Jae-myung's approval rating currently stands at 51%.

Economic and Livelihood Issues: The Top Reason for Negative Governance Assessments

Recent media reports analyzing the reasons for negative assessments of President Lee Jae-myung's state management show that economic and livelihood issues account for the largest proportion. This indicates that rising prices, job insecurity, and housing market instability, as perceived by the public, are directly impacting the president's approval ratings. Notably, at his first-anniversary press conference, President Lee stated he would respect parliamentary discussions regarding 'supplementary investigative powers.' However, this is interpreted as the public prioritizing the resolution of practical economic issues over political disputes. How well the upcoming real estate tax reform plan, slated for release at the end of July, reflects public sentiment is expected to be a crucial variable for a future rebound in approval ratings.

Meanwhile, President Lee Jae-myung visited the Paldalmun Market in Suwon on the 25th, engaging directly with citizens. He also expressed his resolve to crack down on livelihood crimes such as voice phishing and multi-level marketing fraud through amendments to the Corrupt Property Confiscation Act. Despite these policy efforts, it appears it will take some time for the economic situation to improve as perceived by the public. In this context, President Lee attended a senior secretaries meeting at Cheong Wa Dae on the 26th and was reportedly preparing for a luncheon with former President Moon Jae-in shortly thereafter. This is seen as an attempt to mend public sentiment through internal party unity and communication with past administrations.

Emphasis on Diplomatic Achievements and Defense Capability: Efforts to Offset Livelihood Burden

Separate from the declining approval ratings, President Lee Jae-myung has maintained an active presence on the diplomatic stage. Exchanges at the summit level with countries such as India, Vietnam, Singapore, and the Philippines, along with tours of the European Union (EU) and participation in the G7 summit, have been credited with laying the groundwork for enhancing national prestige. On the 26th, he also conveyed his will to improve South Korea-Japan relations by meeting with the Inter-Parliamentary League of Korea. President Lee stated, "I hope we become a closer and even closer nation," emphasizing the future of bilateral relations. Furthermore, at the 76th anniversary ceremony of the Korean War on June 25th, he delivered a message of strengthened security, stating, "We will absolutely build a peaceful Korean Peninsula, free from the worry of war and the need to fight, by protecting our people and territory with strong defense capabilities.

President Lee presented a concrete vision, stating, "Technological superiority means security superiority," and pledged to foster five innovative companies, each valued at over 1 trillion won, to compete in the global market, particularly against companies like Palantir. This is analyzed as part of a strategy to simultaneously pursue economic revitalization and security enhancement. On the 26th, he also expedited internal appointments by approving the appointment of Lee Jin-guk as a Board Member of the Board of Audit and Inspection. These diplomatic achievements, security initiatives, and new industry development policies are interpreted as efforts to partially offset negative public opinion stemming from economic and livelihood issues. However, the prevailing outlook is that these efforts will not easily lead to a rebound in approval ratings unless the economic hardships directly felt by the public are resolved.

Future Outlook: The Challenge of Addressing Economic Livelihood Issues and Securing Governing Momentum

The decline in President Lee Jae-myung's approval rating is one of the most significant challenges facing the current administration. The current mid-40s approval rating risks weakening governing momentum. It has become an urgent task to increase public perception of improvements in economic and livelihood issues. Coupled with the real estate tax reform plan scheduled for late July, the effective implementation of concrete livelihood measures such as price stabilization and job creation could provide an opportunity for an approval rating rebound. Prime Minister Kim Boo-kyum's remark that "criticizing the president with excessive language could lead to chaos" is interpreted as an indication of internal solidarity and a cautious stance against external criticism.

Furthermore, author Yoo Si-min's comment, "President Lee, overconfident… Does the Blue House only have 'yes-men'?" reflects a critical view of the communication methods within the Blue House. It will be crucial to regain public trust in the presidential office's communication methods and policy decision-making processes during future governance. While President Lee Jae-myung's luncheon with former President Moon Jae-in is intended to convey a message of unity, demonstrating practical capabilities in resolving livelihood issues alongside these symbolic gestures is expected to play a decisive role in garnering public support. Meanwhile, remarks by a U.S. congressman emphasizing the strengthening of trilateral deterrence among South Korea, the United States, and Japan reaffirm the direction of South Korea's foreign and security policy within the international security environment.